USD/CAD continued to dance around the parity level on Thursday as traders simply cannot move this pair one way or the other. The levels are too close to see breakouts in the near-term, and the 1.01 level above is the one we actually would like to see broken as the level is the closest one that would trigger a trade - in this case a buy order. The supportive levels below extend all the way down to the 0.9750 mark, and as a result we think that CAD gains will be capped, even if the oil markets are shooting straight up. We won't trade this pair in the meantime as it is a scalper's market.

USD/CAD

USD/CAD Forecast February 24, 2012, Technical Analysis

USD/CAD Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.9912
0.9932
0.9957
0.9977
1.0002
1.0022
1.0047

 Fibonacci
0.9932
0.9950
0.9960
0.9977
0.9995
1.0005
1.0022

 Camarilla
0.9969
0.9973
0.9977
0.9977
0.9985
0.9989
0.9993

 Woodie's
-
0.9933
0.9958
0.9978
1.0004
1.0023
-

 DeMark's
-
-
1.0012
0.9982
0.9967
-
-